Sensex falls from 7-mth high on profit selling; loses 283 pts

The BSE benchmark index Sensex on Wednesday fell from seven-month high levels losing 283 points on profit-booking mainly in realty, banking and oil and gas stocks.

The 30-share barometer, which had gained 275 points in last two trading sessions to touch a seven-month high, fell by 283.36 points, or 1.54% to 18,145.25 points.

Similarly, the broad-based National Stock Exchange index Nifty fell by 101.80 points, or 1.82% to 5,505.35.

Selling pressure gathered momentum in bluechip led by Reliance Industries and banking stocks, which had gained significantly in last few sessions.

The off-loading by investors was mainly due to current month settlement in the derivatives segment on Thursday.

Market major Reliance Industries fell by 1.02% to Rs 833.20 and state-run lender State Bank of India fell by 7.91% to Rs 2,257.80. ICICI Bank fell by 3.42% to Rs 957.15.

The realty sector index dropped the most by losing 6.77% to 2,023.10 followed by consumer durable index by 4.93% to 6,527.68. The metal index lost 4.29% to 12,115.08 and banking index by 3.82% to 12,348.87.